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Auslanco - GBP/JPY and GBP/USD (newstrade)

  • #224,941
  • May 17, 2010 10:20pm May 17, 2010 10:20pm
Quoting fullhouse
dont know... but i keep longs

gl
i know i dont trust the market.
but u/j does have strong resistance at 92.6
it will be hard for g/j to go up unless that's taken out.
  • #224,942
  • May 17, 2010 11:29pm May 17, 2010 11:29pm
Well this morning I see that we have an ascending triangle so if we go with the notion that price action will break this top in a bull run then we should see that in the beginning of the London's session....hmm...looking at other pairs I see triangle formations as well.. EUR/USD is bouncing off the low of one at the moment as well as EUR/JPY breaking the high of a pennant on the 15 minute chart...

Maybe a retest of the high in the triangle is in the works at the moment for the London morning.. A good R/R/ trade for the morning is to go long below 133 preferable 132.80-60 with SL around 132.40 with a profit target first at the top of the triangle 134.20 and then look for 134.90-135.50 area for second TP area...If 132.50 is broken convincingly then reassess the day targets...
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Traderdesk -
  • #224,943
  • May 17, 2010 11:58pm May 17, 2010 11:58pm
Quoting quecee5
Keep thi in your "hip-pocket". . . Price will swing on a daily. . . We have touched daily S2 with a dip below to take SL's. Daily S2 is 131.68 where we bounced 200 pips up. . . Daily S1 is 133.04 which we currently trade above now. . . a close above daily S1 will target DPP @ 134.54. . .

The daily swing Daily R1 IS @ 135.9 and weekly R1 is 136.91 and weekly 5 sma is 136.60 area. . . so we could spike up but as long as we don't get a daily close above 135.88 we will swing lower back down in 5 waves to 125 based on weekly chart. . .
Would be good to hear more about your thoughts on the daily swing. I think I understand what you mean that if price attempts to break daily S2 but closes above then there will be a test of daily S1 and so on. But what I don't quite follow is when you say that we need a close above X in NY session if we will see Y in Asia session, or a close above X in Asia session to clear the path for the target Z, something which was also discussed by Scrat.

Why do you need to see price close above/below a key point within a specific session? If say price ranged in Asian session and did not close above 134.29 but London session does close above do you still consider this valid for the target of the correction?

Sorry for all the questions, this info is very enlightening!

  • #224,944
  • May 18, 2010 12:28am May 18, 2010 12:28am
So far from Asia time until now PA touching 133.15 has generated a strong rebound....Buy orders are at this point... I wonder if it will hold this time around...
Traderdesk -
  • #224,945
  • May 18, 2010 12:29am May 18, 2010 12:29am
Quoting Traderdesk
Well this morning I see that we have an ascending triangle so if we go with the notion that price action will break this top in a bull run then we should see that in the beginning of the London's session....hmm...looking at other pairs I see triangle formations as well.. EUR/USD is bouncing off the low of one at the moment as well as EUR/JPY breaking the high of a pennant on the 15 minute chart...

Maybe a retest of the high in the triangle is in the works at the moment for the London morning.. A good R/R/ trade for the morning is to go long below...
i was just about to post this ascending triangle stuff, plus 133.10 is a strong support too, i guess we are going up to 134.30ish again, lets see what will happen there, probably break up for 137.50-60 (lenght of the triangle blabla) , dunno.
  • #224,946
  • May 18, 2010 12:38am May 18, 2010 12:38am
Looks like a large buy order is going thru for the GBP...Eur and Usd relatively unaffected on other crosses unrelated to GBP...Frankfurt and London waking up so this might be the preview for the London bias... Bullish...
Traderdesk -
  • #224,947
  • May 18, 2010 12:51am May 18, 2010 12:51am
Quoting glopfel
i was just about to post this ascending triangle stuff, plus 133.10 is a strong support too, i guess we are going up to 134.30ish again, lets see what will happen there, probably break up for 137.50-60 (lenght of the triangle blabla) , dunno.
Well the way I see it if 133.15 is today's low then I would see a high based on daily pip high/low average for this pair to be around 200 pips... That would give us a high for the day around 135.15 average... Looking at the chart 135.28 would be a good first target to shoot for as a fib retracement...
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Traderdesk -
  • #224,948
  • May 18, 2010 12:54am May 18, 2010 12:54am
Not sure, but this could have been what just put the Nikkei into negative territory:

Chinese appliance tycoon jailed for 14 years

Chinese appliance tycoon, once country's richest man, jailed for 14 years in stock case



BEIJING (AP) -- An appliance retailer who was China's richest businessman was sentenced Tuesday to 14 years in prison for insider trading, bribery and other offenses in the latest of a spate of misconduct cases against newly rich Chinese tycoons.


Huang Guangyu built Gome Electronics into China's biggest appliance retailer and once was estimated to be worth $6.3 billion. His abrupt downfall reflected the uncertain status of entrepreneurs in China, where an economic boom has created dozens of billionaires but a string of business leaders have been jailed on financial charges.


The ruling by a Beijing court was announced by China's top prosecutor, the Supreme People's Procuratorate, and reported on the state television midday news. A receptionist for Huang's lawyer, Tian Wenchang, said the defense team would not comment.


Huang was detained in November 2008 and resigned as Gome's chairman the following year.


Huang also was convicted of an unspecified "illegal operation" and leaking information, the government announced. The state-run China News Service said charges against him included paying 4.6 million yuan ($675,000) in bribes to five government employees and insider trading of Gome shares worth 1.4 billion yuan ($204 million).... http://finance.yahoo.com/news/Chines...&asset=&ccode=
check out my blog: forexmademillionaire dot com
  • #224,949
  • May 18, 2010 1:04am May 18, 2010 1:04am
PPX has been solid all day on dragon see recovery up to weekly pivot 13600 solid whole number and R point..cheers...
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  • #224,950
  • May 18, 2010 1:15am May 18, 2010 1:15am
short from 133.88, UJ is dealing with strong resistance
  • #224,951
  • May 18, 2010 1:23am May 18, 2010 1:23am
Quoting Clouds
short from 133.88, UJ is dealing with strong resistance
what about macd divergence on 15min chart? it seems like it's gon' break up. i'm short biased but hedged my short positions 1 to 1 until some other high.

edit: anyway, i added a small short from 134.14 since it's 61.8 retracement level from 139.50 and recently forming a strong resistance too.
  • #224,952
  • May 18, 2010 1:33am May 18, 2010 1:33am
Quoting glopfel
what about macd divergence on 15min chart? it seems like it's gon' break up. i'm short biased but hedged my short positions 1 to 1 until some other high.
i dont trade off 15 min chart. 134 is strong resistance,imo. i don't disagree it could break up. it could do anything
  • #224,953
  • May 18, 2010 1:38am May 18, 2010 1:38am
i'm observing something really odd on FXstreet streaming feed from Interactive Data. The price keeps spiking down then immediately bouncing back from 133.52. If this data is accurate this behaviour can only be explained by those high speed algo's continuously arb'ing against each other.
  • #224,954
  • May 18, 2010 1:50am May 18, 2010 1:50am
Looks like we going to visit 135
  • #224,955
  • May 18, 2010 1:53am May 18, 2010 1:53am
looks like im long now
  • #224,956
  • May 18, 2010 1:54am May 18, 2010 1:54am
dont be surprised if it hits 131,5 in the next hours
  • #224,957
  • May 18, 2010 1:54am May 18, 2010 1:54am
Quoting Clouds
short from 133.88, UJ is dealing with strong resistance
I was watching that as well but it looks like the triangle formation has been broached on the upper line at the moment...I've notice other JPY crosses are fairing well with this current bout of JPY weakness....
Traderdesk -
  • #224,958
  • May 18, 2010 1:54am May 18, 2010 1:54am
Quoting Clouds
looks like im long now
Target price test 200EMA M30.
Price should close above 134.30.
  • #224,959
  • May 18, 2010 1:55am May 18, 2010 1:55am
Yup. Long @ 134.03. Looking for 135.26. 133.9/144 trend broken through. Took all day, to decide!!!
  • #224,960
  • May 18, 2010 2:05am May 18, 2010 2:05am
Long better lock in profits. We all know what London bears can do. 132 could easily be achieved in this hour.
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